KO purchased a 16.7 million GMCR shares for $1.25 billion back in February, about a 10% stake in the company. It has now boosted that stake to 16% and now controls 26 million GMCR shares, Bloomberg notes.
The investment has raised speculation that GMCR could be a takeover target for KO, which is looking to diversify its business as soft drink sales decline.
GMCR and KO are collaborating to develop a single-cup brewer dubbed Keurig Cold, expected to reach consumers later this year.
On Monday, GMCR stock closed at $110.71 per share. KO stock climbed almost 1% in Tuesday morning trading.
More Green Mountain Keurig News:
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